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Stratus Properties gets $56.8 million construction loan for 316-unit Austin apartments

Stratus Properties Gets Green Light for 316-Unit Austin Multifamily Project

Publicly-traded Stratus Properties (NASDAQ: STRS) received a construction loan from Comerica Bank in the amount of $56.8 million so they could get started on The Saint George Apartments. The four-year construction loan came with a completion guaranty and 25% repayment guaranty, which will be eliminated once the project meets specified conditions.

The 316-unit Saint George will be located within minutes of the University of Texas campus, not far from a number of large employers, the Q2 Stadium and The Domain, a retail, office and restaurant center with more than 100 stores and restaurants.

10% of the units will be reserved as affordable housing. Stratus expects to begin construction shortly with completion in mid-2024.


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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

  • ◦Development
  • ◦Financing
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